The global e-clinical solutions market revenue stood at $2,997.0 million in 2014. According to the observations of the market research company, P&S Intelligence, the market exhibited a CAGR of 13.7%CAGR of 13.7% from 2015 to 2020. This is credited to the surging investments being made in clinical research and development in the pharmaceutical and biotechnology industry, increasing number of clinical trials, growing requirement for improved data standardization, and soaring outsourcing of clinical trials.
The aforementioned factors have augmented the number of drugs in the pipeline, thereby causing a massive rise in the demand for clinical trials. The burgeoning requirement for data standardization is also fueling the progress of the market. Clinical trials are the most time-consuming parts of the drug development process. As e-clinical solutions reduce the time taken for analyzing and collecting the data produced during trails, they are increasingly being adopted by drug developers around the world.
When end user is taken into consideration, the e-clinical solutions market is categorized into healthcare providers, pharmaceutical and biotechnology companies, and contract research organizations (CRO). Out of these, the pharmaceutical and biotechnology category dominated the market during the last few years. From 2015 to 2020, the CRO category demonstrated the fastest growth in the market. Geographically, the market registered the fastest growth in Asia-Pacific between 2015 and 2020, primarily because of the large-scale outsourcing of clinical trials to developing countries.
Hence, the market will exhibit huge expansion in the coming years, primarily because of the increasing number of clinical trials being carried out in several countries and the expansion of the pharmaceutical and biotechnology industry across the world.